Seoul: Hana Financial Group Inc., a prominent banking group in South Korea, announced its decision to acquire a stake in Dunamu Inc., the country's leading cryptocurrency exchange operator. The investment, valued at 1 trillion won (US$669 million), marks the largest-ever commitment by a bank into a virtual asset operator.

According to Yonhap News Agency, Hana Financial's flagship entity, Hana Bank, will secure a 6.55 percent stake in Dunamu, the operator of the Upbit exchange, by purchasing shares from Kakao Investment. This acquisition positions Hana Financial as the fourth-largest shareholder in Dunamu.

The strategic move signifies an evolving partnership between established financial institutions and virtual asset operators, extending beyond traditional services such as real-name accounts for virtual asset transactions. The collaboration is expected to explore digital financial services, including stablecoin projects.

This development follows increasing regulatory pressure on local crypto exchange operators in South Korea. The country's financial regulator has been urging operators to reduce major shareholders' stakes in order to enhance financial stability and accountability within the industry.

In a related development, Naver Financial Corp., a fintech subsidiary of Naver Corp., announced plans in November to acquire Dunamu as a wholly owned subsidiary through a share-swap arrangement. At the end of the previous year, Dunamu reported assets worth 13.17 trillion won and a net profit of 709 billion won, generated from 1.56 trillion won in sales.